crypto-news-flash.com
- FLOKI confirms a breakout with predictions of a 163% surge, attracting strong investor interest.
- Institutional support and rising Open Interest signal potential for FLOKI’s future rally.
Floki Inu (FLOKI) is once again gaining traction in the cryptocurrency market, with latest data and assessments indicating considerable upward momentum. According to World of Charts, a popular analyst, the breakout for FLOKI has been validated from the Triangle pattern.
The token witnessed an initial 10% jump and is now expected to rise by up to 163% as the next target. This event marks a watershed moment for FLOKI, indicating a potential rise that has piqued the curiosity of both retail and institutional investors.
$Floki#Floki Breakout Has Already Confirmed & Floki Finally Started Bouncing After Successful Breakout 10% Profit So Far https://t.co/rWuf2V1GLO pic.twitter.com/tNctIOf5WM
— World Of Charts (@WorldOfCharts1) September 26, 2024
Rising Open Interest Signals Bullish Momentum for FLOKI
Supporting this optimism, CoinGlass data shows a 76.23% surge in FLOKI’s Open Interest (OI), which now stands at $39.60 million. Open Interest is the total number of outstanding derivative contracts, and growing OI typically signals increased trading activity and investor interest.
The current Long/Short ratio (24h) for FLOKI is 1.1566, indicating that more traders are betting on price increases than declines, which is a bullish indication for the coin. This optimistic market sentiment supports the case for FLOKI’s probable ascent.
Meanwhile, as of writing, FLOKI is trading around $0.0001701, up 15.68% over the last 24 hours and 26.13% over the last seven days. These advances have increased the token’s market cap to be more than $1.6 billion, demonstrating a strong market presence for this meme-based token.
Successful airdrops like this increase a token’s credibility and promote further participation from holders and potential investors.
Beside that, our prior report also highlights growing institutional support for Floki Inu, which might fuel the token’s future rise in the competitive meme coin market.